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Program on Corporate Governance Advisory Board
- Peter Atkins
- David Bell
- Kerry E. Berchem
- Richard Brand
- Daniel Burch
- Paul Choi
- Jesse Cohn
- Arthur B. Crozier Christine Davine
- Renata J. Ferrari
- Andrew Freedman
- Ray Garcia
- Byron Georgiou
- Joseph Hall
- Jason M. Halper William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino Jonathan Watkins
- Steven J. Williams
HLS Faculty & Senior Fellows
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
Key changes to TALF program
On March 3, 2009, the U.S. Treasury Department and the Federal Reserve announced the formal launch of the Term Asset-Backed Securities Loan Facility (TALF). The TALF provides government financing to private investors for the purchase of certain AAA-rated asset-backed securities (ABS), with the objective of making credit more readily available to consumers and small businesses. […]
Click here to read the complete postRemoving the Overhang Plaguing Bank Equity Valuations
We are at a critical point in working our way through the current financial crisis. The situation initially manifested as a crisis of confidence among depositors, financial institution counterparties and market participants that led to sudden and catastrophic collapses of leading financial institutions. Now the crisis appears to have evolved beyond that stage, with declining […]
Click here to read the complete postImpact of Global Settlement on Analyst Recommendations
In our paper Conflicts of Interest and Stock Recommendations: The Effects of the Global Settlement and Related Regulations, which was recently accepted for publication in the Review of Financial Studies, we investigate the impact of regulatory changes, including the Global Settlement, NASD Rule 2711 and the amended NYSE Rule 472, on analysts’ recommendations. We address […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research, Securities Regulation
Tagged Conflicts of interest, Global Settlement, Market reaction, NYSE Rule 472
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Another perspective on Citigroup and AIG
Editor’s Note: This post is by Larry Ribstein of the University of Illinois College of Law. This post is part of the Delaware law series, which is cosponsored by the Forum and Corporation Service Company; links to other posts in the series are available here. The Delaware chancery court has decided two very important cases […]
Click here to read the complete postDirectors’ Duty of Oversight in a Meltdown
This note was prompted by our review of the recent decision of the Delaware Court of Chancery in In Re Citigroup Inc. Shareholder Derivative Litigation, C.A. No. 3338-CC. In the context of dismissing, on the basis of a failure adequately to plead demand futility, allegations in a complaint of breaches by directors of their duty […]
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Posted in Boards of Directors, Court Cases, Practitioner Publications
Tagged Citigroup, Delaware cases, Delaware law, Risk oversight, Risk-taking
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SEC Reverses Course on TARP-Related Shareholder Proposal
The SEC staff has denied a no-action request by Regions Financial to exclude a shareholder proposal requesting that Regions impose numerous restrictions on executive compensation in light of the company’s participation in the TARP Capital Purchase Program (CPP). Several unions have reportedly submitted the proposal (or a variation thereof) at nearly two dozen financial institutions. […]
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Posted in Corporate Elections & Voting, Executive Compensation, Practitioner Publications, Securities Regulation
Tagged Executive Compensation, Rule 14a-8, TARP
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Debt Enforcement Around the World
Editor’s Note: This post is by Andrei Shleifer of the Harvard University Department of Economics. In a recently published Journal of Political Economy paper entitled Debt Enforcement around the World (co-written with Simeon Djankov, Oliver Hart and Caralee McLiesh), my co-authors and I study debt enforcement with respect to an insolvent firm in 88 countries. […]
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Posted in Academic Research, Bankruptcy & Financial Distress, Legislative & Regulatory Developments
Tagged Bankruptcy, Debtor-creditor law
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Financial Reporting in a Time of Crisis
Good evening and thank you to the Commonwealth Club for inviting me to speak here today. I’m well aware of the club’s rich history, and I’m proud to have this opportunity to be with you tonight. I’ve just returned from the annual meeting of the World Economic Forum, which is better known simply as “Davos.” […]
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Posted in Practitioner Publications, Securities Regulation
Tagged Accounting standards, Capital markets, Financial crisis, Financial reform
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Voting Integrity
The Millstein Center for Corporate Governance and Performance at the Yale School of Management has recently released a new policy briefing entitled “Voting Integrity: Practices for Investors and the Global Proxy Advisory Industry.” Accountability of corporate boards to shareowners rests in large part on the integrity of the system by which investors vote their proxy […]
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